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Next Science reports FY23 Result

-- Revenue of US$22.2m, up 89% year-on-year (yoy) with 2H FY23 revenue of US$12.1m in line with 2H FY23 guidance of US$12m-14m provided in October 2023
-- Product Sales of US$22.1m, up 90% yoy reflecting the focus on direct product sales and introduction of DME1 structure in October 2022
-- Direct Product Sales of US$16.9m, up 195% yoy: 76% of product sales
-- Gross Profit of US$16.2m, up 77% yoy; H2 FY23: US$9.4m, up 97% on pcp2
-- Gross Margin of 73% (H2 FY23: 78%) as improvements in revenue quality and purchasing power within DME structure drive scale (FY22: 78%)
-- EBITDA Loss of (US$14.8m) vs FY22 (US$11.8m) as strong revenue growth offset by increased investment in the direct sales team to drive future revenue
-- Cash receipts of US$20.1m, up 89%; H2 FY23: US$11m, up 169% on pcp
-- Closing cash balance of US$9.2m (31 December 2022: US$5.1m) and no debt.
-- Reaffirm FY24 guidance for revenue of US$36m-40m and to be EBITDA and cashflow positive in 2H FY24

Next Science Limited (ASX:NXS) (“Next Science” or “the Company”) today provides its full year result for the twelve months ended 31 December 2023. Next Science is a medical technology company focused on commercialising its proprietary XBIO™ suite of products to reduce the impact of biofilm-based infections on human health.

Next Science’s CEO and Managing Director I.V. Hall said: “In FY23, we saw an improved performance during the year as we refined our strategy around the DME business and prioritised the direct sales channel. Wound Care sales quadrupled reflecting the first full year of the DME structure and increased focus on wound care centres and our payor mix. Within Surgical, direct sales of XPERIENCETM were 58% higher yoy due to an increase in the clinical evidence available and broader access to healthcare sites provided by our contract with a leading GPO.3 Gross margins in the second half were in line with FY22 as we targeted higher quality revenue and our purchasing power improved as the DME structure continues to scale.

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